General Mathematics: Salary, Wage, and Commission Practice Flashcards

These flashcards provide definitions and formulas for concepts related to computing salaries, wages, commissions, and piecework income as discussed in the General Mathematics curriculum.

Salary

A fixed amount of money paid regularly to an employee.

Wages

Payment based on hours worked, days worked, or units produced.

Benefits

Additional compensation received from employment, such as health insurance, leave credits, bonuses, or allowances.

Income

The money earned from work, including salary, wages, commissions, and other earnings.

Deductions

Amounts subtracted from earnings, such as taxes and contributions.

Taxes

Mandatory payments deducted from income and paid to the government.

Gross Income

The total earnings of an individual before any deductions are made.

Net Income

The amount left over after all deductions have been subtracted from the gross income.

Hourly Job Income Formula

$$\text{Income} = \text{Hourly Rate} \times \text{Hours Worked}$$

Salaried Job Income Formula

$$\text{Monthly Income} = \frac{\text{Annual Salary}}{12}$$

Sales-Based Job (Commission) Formula

$$\text{Commission} = \text{Sales} \times \text{Commission Rate}$$

Piecework Job Income Formula

$$\text{Income} = \text{Number of Items Produced} \times \text{Rate per Item}$$

Wage (General)

Remuneration or earnings, however designated, capable of being expressed in terms of money, payable by an employer to an employee for work done or services rendered.

Hourly Wage

The specific amount of money earned for each hour worked.

Daily Wage

The amount of money earned for each day of actual work, excluding unpaid days like rest days or holidays unless required by policy.

Annual Salary

The total amount of money a person earns in one year, usually derived from a fixed monthly salary.

Monthly Salary

The fixed amount an employee earns every month, calculated as $\frac{\text{Annual Salary}}{12\text{ months}}$.

Overtime Pay

The extra pay provided for working beyond $8$ hours, typically at the rate of an additional $25\%$ of the regular wage.

Commission Income

Income earned as a percentage of sales made, which can be pure commission or a base salary plus commission.

Piecework

Earnings based on the number of specific items or products completed by the worker.